MIRA INFORM REPORT

IDENTIFICATION DETAILS

Name :	HINDUSTAN INOX LIMITED
Country :	India
Financials (as on) :	31.03.2012
TAN No.: [Tax Deduction & Collection Account No.]	MUMH12153B
PAN No.: [Permanent Account No.]	AACCH1896E
Legal Form :	A Closely Held Public Limited Liability Company
No. of Employees :	65 (Approximately)

BUSINESS DETAILS

Line of Business :

Manufacturer of Stainless Steel Round Bars, Wires, Pipe and Tube.

Products :

Item Code No.	Product Description
72283019	Stainless Steel Bright Bars

Exports :

Products :

Finished Goods

Countries :

Turkey

Imports :

Products :

Raw Materials

Countries :

China

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Licenced Capacity * - Not Applicable

Particulars	Unit	Installed Capacity
Steel and Alloy Steel Bright Bars, Wires	M.Tonnes	37200

(As certified by the management and accepted by auditors without verification on technical grounds)

Particulars	Unit	Production
S. S. Bright Bars	M.Tonnes	4138.653
S S Wire	M.Tonnes	973.133
S.S.Wire Rods	M.Tonnes	1171.230
Coils	M.Tonnes	Nil
Treaded Bars	M.Tonnes	59.731
Pipes and Tubes	M.Tonnes	833.230
Seamless Pipes	M.Tonnes	24.413
S.S.Scrap	M.Tonnes	252.533
Dust	M.Tonnes	15.000

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

65 (Approximately)

Bankers :

IDBI Bank Limited, IDBI Complex, Near Lal Bunglow, C G Road, Ahmedabad - 380006, Gujarat, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG TERM BORROWINGS
Other loans and advances, others (Keyman Policies of Directors and Shareholders)	12.119	10.200
SHORT TERM BORROWINGS
Loans repayable on demand from banks (Foreign Bills Discounted and Packing Credit Facility)	160.982	53.631
Total	173.101	63.831
UNSECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG TERM BORROWINGS
Intercorporate deposits	163.943	158.589
Loans and advances from others	61.979	52.413
SHORT TERM BORROWINGS
Other loans and advances, others	0.000	26.952
Total	225.922	237.954

Banking Relations :
Auditors :
Name :	M.C Doshi and Company Chartered Accountants
Address :	307, Vaishali Apartments, 30-31 Parekh Street, Prathna Samaj, Mumbai - 400004, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AACPD4437A
Associates/Subsidiaries :

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2013

Names of Shareholders	No. of Shares
Ghewarchand Bohra	9986850
Vimal Bohra	2942210
Hemant Bohra	1953830
Rajiv Bohra	2839780
Sanjay Bohra	201680
ShobhagDevi Bohra	1453360
Priya Bohra	201680
Total	19579390

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	195.794	195.794
(b) Reserves & Surplus	55.458	33.133
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	251.252	228.927
(3) Non-Current Liabilities
(a) long-term borrowings	238.041	221.202
(b) Deferred tax liabilities (Net)	37.239	10.326
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	275.280	231.528
(4) Current Liabilities
(a) Short term borrowings	160.982	80.583
(b) Trade payables	528.644	487.343
(c) Other current liabilities	47.331	24.298
(d) Short-term provisions	3.329	6.335
Total Current Liabilities (4)	740.286	598.559
TOTAL	1266.818	1059.014
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	443.869	448.768
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	2.999	1.690
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	9.900	7.427
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	8.086	7.591
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	464.854	465.476
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	341.148	285.278
(c) Trade receivables	295.356	196.958
(d) Cash and cash equivalents	35.231	7.783
(e) Short-term loans and advances	116.935	102.003
(f) Other current assets	13.294	1.516
Total Current Assets	801.964	593.538
TOTAL	1266.818	1059.014

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		195.794
2] Share Application Money		0.000
3] Reserves & Surplus		7.699
4] (Accumulated Losses)		0.000
NETWORTH		203.493
LOAN FUNDS
1] Secured Loans		10.200
2] Unsecured Loans		457.286
TOTAL BORROWING		467.486
DEFERRED TAX LIABILITIES		3.296
TOTAL		674.275
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		328.606
Capital work-in-progress		113.957
INVESTMENT		5.522
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	194.984
	Sundry Debtors	107.706
	Cash & Bank Balances	2.851
	Other Current Assets	0.056
	Loans & Advances	71.400
Total Current Assets		376.997
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	136.985
	Other Current Liabilities	12.637
	Provisions	2.431
Total Current Liabilities		152.053
Net Current Assets		224.944
MISCELLANEOUS EXPENSES		1.246
TOTAL		674.275

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1413.560	1047.046	349.342
		Other Income	22.499	9.931	6.233
		TOTAL (A)	1436.059	1056.977	355.575
Less	EXPENSES
		Cost of Materials Consumed	1187.620	968.543
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(27.631)	(76.379)
		Employees benefits expense	8.523	4.316
		Other expenses	124.223	69.542
		TOTAL (B)	1292.735	966.022	352.329
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		143.324	90.955	3.246
Less	FINANCIAL EXPENSES (D)		64.306	35.961	(15.593)
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		79.018	54.994	18.839
Less/ Add	DEPRECIATION/ AMORTISATION (F)		14.807	13.576	5.231
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		64.211	41.418	13.608
Less	TAX (H)		41.886	15.929	5.909
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		22.325	25.489	7.699
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		33.133	7.699	0.000
	BALANCE CARRIED TO THE B/S		55.458	33.133	7.699
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	969.995	704.700	298.866
	TOTAL EARNINGS		969.995	704.700	298.866
	IMPORTS
		Raw Materials	172.192	112.256	30.038
		Capital Goods	0.000	0.000	1.003
	TOTAL IMPORTS		172.192	112.256	31.041
	Earnings / (Loss) Per Share (Rs.)		1.14	1.30	0.49

RATING & COMMENTS

MIRA’s Rating :

B (33)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

LOCATIONS

Registered Office :	Block No 7, 11/12 Raghuvanshi Mansion, 1^st Floor, Raguvanshi Mill Compound, Lower Parel West, Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-43401414 (30 Lines)
Fax No.:	91-22-43401400
E-Mail :	hindexpo@vsnl.com accounts@hindustanstainless.com sales@hindustaninox.com
Website :	www.hindustanstainless.com
Location :	Owned
Locality :	Commercial
Factory :	Located at · Khopoli, Maharashtra, India

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.